COSMO FIRST Q4 FY26 results: net profit up 36.2% to ₹36.91 crore, revenue up 36.8%

How did COSMO FIRST perform in Q4 FY26?

Cosmo First’s consolidated Q4 FY26 revenue was ₹1,020.68 crore, compared with ₹745.86 crore in Q4 FY25 and ₹898.98 crore in Q3 FY26. Revenue rose 36.8% year on year and 13.5% sequentially. Total income was ₹1,037.75 crore, against ₹760.88 crore a year earlier and ₹934.35 crore in the previous quarter.

Consolidated EBITDA was ₹120.57 crore in Q4 FY26, up 71.5% from ₹70.30 crore in Q4 FY25 and 77.3% from ₹68.02 crore in Q3 FY26. The EBITDA margin was 11.8%, compared with 9.4% a year ago and 7.6% in the previous quarter, an improvement of 2.4 percentage points and 4.2 percentage points, respectively.

Net profit was ₹36.91 crore, against ₹27.10 crore in Q4 FY25 and ₹29.50 crore in Q3 FY26. Basic EPS was ₹14.24, compared with ₹10.47 and ₹11.40, respectively. On the standalone basis, revenue was ₹910.99 crore and profit after tax was ₹29.97 crore; standalone revenue grew 32.6% and profit before tax was ₹16.9 crore.

What changed in COSMO FIRST's costs and profit?

Total expenses for consolidated Q4 FY26 were ₹972.84 crore, up ₹244.54 crore or 33.6% from ₹728.30 crore in Q4 FY25. Cost of materials rose ₹180.50 crore to ₹661.83 crore, employee cost increased ₹20.59 crore to ₹90.41 crore, finance costs increased ₹9.10 crore to ₹35.67 crore, depreciation increased ₹10.89 crore to ₹37.06 crore and other expenses rose ₹37.26 crore to ₹157.18 crore. Other income increased ₹2.05 crore to ₹17.07 crore.

Profit before tax was ₹57.71 crore, up ₹25.13 crore or 77.1% from ₹32.58 crore in Q4 FY25. Tax expense increased ₹15.32 crore to ₹20.80 crore, limiting the increase in net profit to ₹9.81 crore, or 36.2%, at ₹36.91 crore. The quarter included an exceptional charge of ₹7.20 crore, compared with no exceptional item in Q4 FY25.

Management said the increase in EBITDA reflected higher sales volume of 41%, higher specialty sales, improved base BOPP and BOPET film margins and better performance from the specialty chemicals subsidiary. It said the moderation in profit after tax reflected the exceptional charge, higher depreciation and interest related to new capacities, and a one-time impact of reversal of deferred tax assets of ₹5.3 crore due to reorganisation of the subsidiary in South Korea.

How did COSMO FIRST do in FY26 as a whole?

For FY26, consolidated revenue was ₹3,638.72 crore, up 25.7% from ₹2,895.1 crore in FY25. Total income increased 26.0% to ₹3,741.0 crore from ₹2,969.57 crore. The company also reported FY26 PBT of ₹200.52 crore, up 22.9% from ₹163.14 crore in FY25.

Consolidated net profit for FY26 was ₹155.98 crore, compared with ₹133.37 crore in FY25, an increase of 17.0%. Basic EPS rose 17.2% to ₹60.31 from ₹51.46. The company’s investor presentation showed FY26 sales of ₹3,639 crore and net profit of ₹156 crore.

What do the balance sheet and cash flow show?

At 31 March 2026, consolidated total assets were ₹4,694.97 crore, compared with ₹4,515.32 crore at 30 September 2025. Total equity was ₹1,616.62 crore, against ₹1,540.49 crore, while borrowings were ₹1,586.03 crore versus ₹1,617.49 crore. Cash and cash equivalents stood at ₹51.70 crore, compared with ₹36.36 crore.

Inventories were ₹710.38 crore at 31 March 2026, against ₹728.49 crore at 30 September 2025. Trade receivables were ₹397.77 crore versus ₹316.26 crore, and trade payables were ₹905.42 crore versus ₹767.22 crore. The company reported FY26 operating cash flow of ₹396.73 crore, compared with ₹166.37 crore in FY25, and capital expenditure of ₹412.08 crore against ₹502.03 crore.

FY26 investing cash flow was negative ₹360.81 crore, compared with negative ₹419.64 crore in FY25. Financing cash flow was negative ₹3.14 crore in FY26, against positive ₹247.44 crore in FY25. The investor presentation said net debt had reduced by ₹55 crore during Q4 FY26 to ₹1,159 crore.

How has COSMO FIRST done over the last 8 quarters?

Revenue rose year on year in each of the last eight quarters. The revenue series reached ₹1,020.68 crore in Q4 FY26, the highest level in the reported eight-quarter period, while the lowest was ₹689.67 crore in Q1 FY25. Profit and EBITDA margin both moved higher in the latest quarter after falling in Q3 FY26.

Net profit peaked at ₹46.69 crore in Q2 FY26 and was lowest at ₹27.10 crore in Q4 FY25. Q4 FY26 profit was ₹36.91 crore, while the EBITDA margin reached 11.8%, compared with its lowest level of 7.6% in Q3 FY26. The investor presentation showed Q4 FY26 EBITDA of ₹130 crore and a 12.7% margin on its presentation basis.

Which businesses drove the quarter?

Packing Films was the largest reported segment, with Q4 FY26 revenue of ₹960.79 crore, up 31.8% from ₹729.16 crore, and EBIT of ₹118.52 crore against ₹69.75 crore. The reported EBIT margin was 12.3%. The segment data was listed twice in the available results information.

Speciality Chemicals reported revenue of ₹53.94 crore, up 32.5% from ₹40.72 crore, and EBIT of ₹14.24 crore against ₹7.62 crore. Its reported EBIT margin was 26.4%. Petcare reported revenue of ₹16.38 crore and an EBIT loss of ₹11.46 crore; no prior-year segment comparison was provided.

Others reported revenue of ₹36.85 crore, up 244.7% from ₹10.69 crore, and an EBIT loss of ₹11.63 crore against an EBIT loss of ₹8.77 crore. The reported EBIT margin was negative 31.6%. The investor presentation said Cosmo Plastech had almost reached EBITDA breakeven and Zigly posted 54% topline growth in Q4 FY26.

What else did the company announce?

The board approved the audited financial results for the quarter and year ended 31 March 2026 after review by the Audit Committee. The filing included an auditor’s declaration with an unmodified opinion for the standalone financial results. The company also filed an investor presentation and an earnings-call audio recording around the result.

The board recommended a final FY26 dividend of 40%, or ₹4 per equity share, subject to shareholder approval. Payment is to be made within 30 days from the conclusion of the ensuing Annual General Meeting. No fund-raising action was disclosed in the same-day filings.

The board reappointed Arjun Singh as a non-executive independent director for a second five-year term effective 27 October 2026, subject to shareholder approval. The filing stated that the recommendation came from the Nomination and Remuneration Committee and that he was not debarred by SEBI or another authority.

What did COSMO FIRST's management say?

Management said Q4 FY26 volume growth was 41% from new BOPP and CPP capacities, and that specialty mix recovered to 60% in Q4 from a low of 53%. It said Specialty Films was maintaining 10% CAGR growth and expected the specialty mix to reach 70% in approximately 18–24 months.

Management maintained guidance for double-digit revenue growth in FY27, supported by enhanced utilisation of BOPP and CPP capacity added in FY25–26 and the scaling of new businesses. It expected 15–20% minimum growth in the US business in FY27, supported by a tariff refund and new customer wins, and said the refund was expected to exceed ₹60 crore over 6–12 months.

Management said Plastech was expected to generate high single-digit EBITDA in FY27 and high-to-mid-teens EBITDA in FY28. It said Cosmo Consumer would continue making losses in FY27 because of aggressive brand building, with profitability expected in approximately two years.

Management said net debt had reduced by close to ₹75 crore since September 2025 and targeted net debt below 2 times EBITDA within 12–18 months from 2.4 times. It also identified possible volatility in BOPP and BOPET margins as 7–8 new lines come online over the next 2–3 years, delayed pass-through of raw-material price increases and debt-servicing pressure from macro and interest-rate uncertainty.

How did COSMO FIRST shares react?

After the filing appeared after market hours, the stock moved down 0.4% after five minutes, 1.7% after 15 minutes and 0.6% after 30 minutes. It closed the reaction day 0.6% above its previous close of ₹791, against a median move of 0.8% for the Packaging sector and 1.1% for the Nifty Microcap 250.

By the next day’s close, the stock was down 2.9% from its pre-results close, compared with a 0.4% sector gain and a 1.2% market gain. By the fifth session’s close, it was down 8.3%, while the sector gained 0.7% and the market gained 2.8%. Its move was 9.0 percentage points below the sector median by the fifth session.

Earlier reaction-day moves were mixed: the stock rose 3.9% on 11 February 2026 and 5.8% on 8 August 2024, while it fell 4.6% on 11 November 2025, 3.5% on 11 July 2025, 3.2% on 20 May 2025, 0.6% on 11 February 2025 and 0.6% on 13 November 2024. It rose 0.6% on 15 May 2024.

How did other Packaging companies do?

Sixty-one other Packaging companies had filed this quarter, with a median revenue growth of 2.2%. Of these, 59 grew revenue more slowly than Cosmo First, while 2 grew faster. Among the 60 peers for which profit was compared, 28 reported higher profit.

Cosmo First’s consolidated Q4 FY26 revenue growth of 36.8% was above the peer median of 2.2%. The available comparison covered 61 Packaging peers as of 5 November 2026, with profit growth available for 60 companies.